The Sri Lankan Government has decided to retain Value Added Tax (VAT) and will not replace it with Turnover Tax (TT), the Sunday Times Online reliably understands.
VAT was to be replaced with TT and the announcement was to be made in this afternoon (Friday)'s budget presentation. The decision to stay with VAT comes in the wake of opposition from the business community and the tourism sector in particular. In an article titled "VAT – Throwing the “Baby with the Bathwater” which appeared in the Business Times last week, Suresh Perera, Principal – Tax and Regulatory, KPMG Ford, Rhodes, Thornton & Co, explained why replacing VAT is not beneficial oo the country.
The tourism sector said TT, which has a cascading effect, would stall development in the sector. - ENDS -
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Acting Attorney General Parinda Ranasinghe, was appointed as the Attorney General of Sri Lanka a short while ago.
Leave Comments